Live Oak Bancshares, the parent of Live Oak Bank, reported its second-quarter numbers this week, showing a reported net income of about $97 million, or $2.16 per diluted share.

That income included a pretax gain of $120.5 million from the sale of Live Oak’s investment in Finxact Inc. earlier this year.

“We continue to be optimistic about the future, as the second quarter’s performance indicates there are ample opportunities to serve America’s small businesses on our next-generation platform,” Live Oak Bancshares chairman and CEO Chip Mahan said in a news release. “The capital gains we recognized this quarter through our Finxact investment add more fuel to our mission, giving Live Oak a unique position to be nimble and innovative while maintaining a focus on safety and soundness.”

The company’s total revenue for the quarter that ended June 30 was nearly $208.5 million, compared with about $110.5 for Q1 of 2022 and $141.5 million from the second quarter of 2021.

During the recent quarter, Live Oak originated nearly $960 million in loans and leases, up nearly $100 million from the previous quarter, but down about $200 million from Q2 2021.

Live Oak ended Q2 with total assets of $9.1 billion, about $500 million more than at the end of Q1. Similarly, total deposits increased quarter-over-quarter by nearly $500 million, from just above $7.6 billion at the end of Q1 to $8.1 billion on June 30, 2022. The increase in total deposits provides support for the growth in the loan and lease portfolio.

The company reduced the amount it borrowed in Q2, decreasing borrowing from $1 billion in the first quarter of this year to $86.2 million as of June 30. It achieved this reduction, according to officials, primarily by reducing its outstanding balance in the Federal Reserve’s Paycheck Protection Program Liquidity Facility.

Noninterest expenses rose during the second quarter, totaling nearly $81 million compared to $65.7 million for the first quarter of 2022. One cause of the increase was the higher cost of salaries and employee benefits – a $7.8 million increase over those of the first quarter – because of Live Oak’s continued hiring and investment in its workforce.

Another greater outlay occurred in the category of contributions and donations, which increased $4.8 million compared to those of both the first quarter of 2022 and the second quarter of 2021. This increase was related to a special $5 million charitable donation during the second quarter of 2022 made in connection with the gain on the sale of Finxact.